The challenge
With 1,400 properties to keep track of, it is quite a challenge to maintain an overview. The large number of properties also means that damages of one kind or another are constantly occurring, e.g. a storm could lead to many of our buildings in the same geographical area being hit simultaneously.
The solution
The answer is protection and prevention, partly to curb the incidents that often cause problems for our tenants, but also to reduce the insurance costs.
As we have many different policies, covers and lots of incidents, we needed to gain a comprehensive view of everything before considering where to focus our efforts. The many claims we experience generates a large amount of data, giving us a sound basis for making assessments.
The availability of entering all our insurance data into a single risk management system enables us to identify incident patterns, analyse and take preventive measures.
Thanks to InsuBiz, our incident processing, policy handling and risk management have been digitised, so we can generate reports on our key focus areas whenever we need them.
The risk value
Many of the Government owned buildings are unique and it is not always possible to match their original quality and grandeur during rebuilding. Buildings may also contain irreplaceable objects, and in certain cases, invaluable historic knowledge might be lost forever if the buildings are not properly maintained.
Additionally, recording any incidents of individuals being injured on the premises is an area of risk that can also be standardised and analysed.
Financial value
Looking at what has been spent on salvaging, protection and reconstruction, one understands the enormous expense that the damage entails. Additionally, you also experience loss of work time, revenue and profits.
Most recently we saw the result of good risk management and prevention when the Danish Building and Property Agency put the insurance of its property portfolio out to tender. All the major insurance companies showed interest during the introduction of the tender, when data from InsuBiz gave potential bidders an overview of the risk management work. The tender resulted in bids that were significantly below the level submitted previously. This was a ‘reward’ for coordinating the risk management work effectively. It was also a great day for the Building and Property Agency, which could now show the government that it had saved several million pounds on insurances.